Torres scam: Three held in connection with investment fraud

Representational Image

An official said that the Mira-Bhayandar, Vasai-Virar police on Saturday arrested three persons for their alleged association with the jewellery company that owns the Torres brand, reported news agency PTI.

The jewellery company is accused of cheating investors of crores of rupees through a combination of Ponzi and multi-level marketing (MLM) schemes.

The official from the Navghar police station said that offences have been registered against the management and staff of the company in connection with the Torres scam, reported PTI.

The Mumbai police's Economic Offences Wing has carried out raids in Colaba, Dadar and Dombivali and confiscated important documents, investment papers as well as cash as part of its probe into the alleged Torres scam, reported PTI.

Earlier, a Mumbai police official had said that the magnitude of the scam had reached Rs 18.5 crore and was expected to rise further.

Police arrest director and two foreign nationals

The Shivaji Park police have arrested three people - the director of a jewellery brand, an Overseas Citizen of India (OCI) and a citizen of Uzbekistan - for allegedly duping investors of Rs 13.48 crore through a Ponzi scheme. The accused lured victims with promises of high weekly returns, exclusive offers, and rewards for referrals via a flashy app. An look-out circular (LOC) has been issued against two absconding accused who are suspected to have fled the country.

The arrested individuals include Sarvesh Surve, the company director, Valentina Kumari (an OCI national), and Tania Kasatova, an Uzbekistan citizen. Police suspect the fraud's scale could exceed Rs 700 crore, with statements from victims still being recorded.

The scheme targeted investors through a jewellery brand named Torres, which operated six stores in Mumbai, including branches in Dadar, Girgaon, Sanpada, Mira Road, and Kandivli. Investors were lured via the company's app, "Torres Club," which displayed investment statuses and promised weekly returns.

The Shivaji Park police revealed that Sarvesh Surve's identification documents were used to make him the company director and beneficiary. The other two arrested women were employees. An LOC has been issued against two absconding accused.

Interestingly, the Torres app now displays a notice claiming its employees looted their shops. The notice urges investors to register complaints against an individual named Abhishek, allegedly involved in a robbery at one of their branches. Torres has promised to return the investors' money, but the claims remain unverified. Five individuals have been booked under relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999.

(With inputs from PTI)